Saving for School Fees

prudent_2

I want to send my son to an independent school when he is 11- which means I have 10 years to get saving for it....
Any suggestions on the best way to do it?

Prudent

How did we get the same user name? :rotfl:

prudent_2

you've used a capital p? Sorry- never visited the site before.

jacquij123

Haave you researched this as most people I know send their children to Independant schools until year 6 and then get them into one of the good secondary schools. Apologies if you've already looked into this. (also realise our area may be different as we still do the 11+ and have quite a few grammar schools)

ChasingButterflies

Sorry I have no idea which is the best savings account/plan for you. Well done for thinking so far ahead though!!!

Haave you researched this as most people I know send their children to Independant schools until year 6 and then get them into one of the good secondary schools. Apologies if you've already looked into this. (also realise our area may be different as we still do the 11+ and have quite a few grammar schools)

At our little peoples school it is the exact opposite - there are waiting lists for J6 onwards. This is due to the smaller class sizes further up the school compared to state schools.

So my point is check with the school that you would like your little one to attened if there are waiting lists and which years there are lists for so that you can make sure that you put his name down at this right time.

There are always extras - for learing materials etc. not to mention the uniform lists :rotfl: Having the term fees covered would stand you in good stead though. Most schools like to have fees paid by direct debit at our school I think it is over 9/10 months. This makes it easier for them to budget etc. So if you were going to "tie" your money up this would be worth taking into account.

spoilt_BUT_appreciate_it

If this is something you definitely want to do then you want some kind of saver plan (sorry don't know which one) that you can't break into as it's so easily done no matter how good your intentions are to pay it back

Or just a basic savings account that you ask say... your mum to look after, however, it wont reap the same rewards as a savings plan I WOULDN'T HAVE THOUGHT

looby-loo_2

Unless you are very well off don't try to live as if you can have it all. Start making savings now - think what do I need v what do I want. Also, will you be privately educating any other children?

I put my four children through private education, all two years apart. Perhaps the main saving we made was to look around carefully and buy low mileage old cars. I think the most we have ever paid is £800 but I do know that the average cost of the car, worked out when we finally sell it has been £200 a year. We insure them third party too. I know for some people cars are a status symbol but you just need to get over that.

Another huge saving has been on holidays. We brought all the children up to love hill walking and Youth Hostelling which has saved a fortune. They don't expect to go to the expensive days out; in fact I don't think they knew they existed for a long time. Three out of the four have chosen to go walking with their girl/boy friends whilst at uni/college.

As for paying for it all we didn't have a savings plan because we just never got round to it - I can't say if it would be better or not?

We made the decision to go private when the eldest was 6 years old so that meant 12 years till he left school. We found out the fees and estimated how much they would rise over the 7 years he would be there (a rough guide is that the cost in Yr 7 will double by Yr 13 and this has been correct). We added this up for all the years and divided by 12. This gave a figure which we needed to save for each year. Then I divided this by 52 to find a weekly cost.

In my case this was £53 a week. This was a much more manageable figure.

spoilt_BUT_appreciate_it

THANKS looby-loo..

I send my daughter to private school but had honestly not considered the cost over the years with the rises HOW STUPID ... I should have considering her nursery fees alone went up 3 times whilst she was there.